WASHINGTON, May 22 -- The American Council of Life Insurers issued the following news release:

Financial services regulatory reform legislation passed by the House today and earlier by the Senate contains The Senior Safe Act and the International Insurance Capital Standards Accountability Act, both strongly supported by the American Council of Life Insurers (ACLI). ACLI encourages the president to sign this legislation into law.

Senior Safe Act

The Senior Safe Act encourages financial services firms to provide appropriate training to front-line employees and producers, while granting immunity to those that report suspected abuse of seniors to regulators and law enforcement authorities.

"The Senior Safe Act will help protect America's seniors from financial exploitation. It is extremely beneficial public policy because it helps protect seniors," said ACLI President & CEO Dirk Kempthorne. "It facilitates improved communication between insurance producers, life insurance companies and regulators in the event of suspected financial exploitation of senior citizens."

"By encouraging the reporting of suspected fraud, The Senior Safe Act improves the ability of companies to work with regulators to protect seniors from losing their retirement savings," said Governor Kempthorne. "ACLI sincerely thanks Reps. Kyrsten Sinema (D-Ariz.) and Bruce Poliquin (R-Maine) and Sens. Susan Collins (R-Maine) and Claire McCaskill (D-Mo.) for their strong leadership on this bipartisan legislation to address a serious problem facing America's seniors."

International Insurance Capital Standards Accountability Act

The International Insurance Capital Standards Accountability Act of 2017 would establish new transparency and reporting requirements for the Department of the Treasury and Federal Reserve Board in connection with their participation in international forums.

"It would increase transparency and accountability to the international insurance capital standards process," said Governor Kempthorne. "Due to the importance of the work being done by the International Association of Insurance Supervisors and the Financial Stability Board, more stakeholder input is necessary than ever before.

"We believe this bill would ensure that the Treasury, Federal Reserve, and state insurance regulators have a seat at the table to influence the international process and protect U.S. competitiveness," said Governor Kempthorne. "ACLI sincerely thanks Sens. Dean Heller (R-Nev.) and Jon Tester (D-Mont.), the original sponsors of the bipartisan bill, for their leadership on this issue."